BREXIT - Is This Really Still Rumbling On? 😴

TheBigBean

rick_chasey said:

Beginning to see the Brexit challenges percolate into my world.

UK boutique fund managers are scrapping plans (and hiring) to grow the client base beyond the UK, as to take continental money they need to have an office and a person of significance somewhere inside the EU, as well as an EU fund structure.

Fine for the bigger firms, but not so for the boutiques.

Ironically, the EU firms have no problems taking money from UK clients, so whatever was negotiated, the EU guys pulled a blinder there.

Is still up in the air but that is the current sitch.

The UK acted like a grown up and gave the EU equivalence to avoid mayhem. Therefore, EU funds can still take money from UK clients. For now.

rick_chasey

TheBigBean said:

rick_chasey said:

Beginning to see the Brexit challenges percolate into my world.

UK boutique fund managers are scrapping plans (and hiring) to grow the client base beyond the UK, as to take continental money they need to have an office and a person of significance somewhere inside the EU, as well as an EU fund structure.

Fine for the bigger firms, but not so for the boutiques.

Ironically, the EU firms have no problems taking money from UK clients, so whatever was negotiated, the EU guys pulled a blinder there.

Is still up in the air but that is the current sitch.

The UK acted like a grown up and gave the EU equivalence to avoid mayhem. Therefore, EU funds can still take money from UK clients. For now.

No one will take the risk to open an office there in the meantime.

TheBigBean

rick_chasey said:

TheBigBean said:

rick_chasey said:

Beginning to see the Brexit challenges percolate into my world.

UK boutique fund managers are scrapping plans (and hiring) to grow the client base beyond the UK, as to take continental money they need to have an office and a person of significance somewhere inside the EU, as well as an EU fund structure.

Fine for the bigger firms, but not so for the boutiques.

Ironically, the EU firms have no problems taking money from UK clients, so whatever was negotiated, the EU guys pulled a blinder there.

Is still up in the air but that is the current sitch.

The UK acted like a grown up and gave the EU equivalence to avoid mayhem. Therefore, EU funds can still take money from UK clients. For now.

No one will take the risk to open an office there in the meantime.

Where the EU? I think some firms have already done that, but it is a hassle, or you mean in the UK? It depends on the sector, but ultimately, they will comply in the UK. The case in point is when the UK insisted non-EU banks capitalise in the UK. There was a lot of moaning, but they all did it.

Interesting the problem with the EU office is getting people to move there. So, it is necessary to find a jurisdiction that has sensible employment law, acceptable regulation and is somewhere people will move to.

TheBigBean

Incidentally, you don't have to move anyone if you are regulated somewhere like Lithuania. "Flag of convenience" etc.

rick_chasey

TheBigBean said:

rick_chasey said:

TheBigBean said:

rick_chasey said:

Beginning to see the Brexit challenges percolate into my world.

UK boutique fund managers are scrapping plans (and hiring) to grow the client base beyond the UK, as to take continental money they need to have an office and a person of significance somewhere inside the EU, as well as an EU fund structure.

Fine for the bigger firms, but not so for the boutiques.

Ironically, the EU firms have no problems taking money from UK clients, so whatever was negotiated, the EU guys pulled a blinder there.

Is still up in the air but that is the current sitch.

The UK acted like a grown up and gave the EU equivalence to avoid mayhem. Therefore, EU funds can still take money from UK clients. For now.

No one will take the risk to open an office there in the meantime.

Where the EU? I think some firms have already done that, but it is a hassle, or you mean in the UK? It depends on the sector, but ultimately, they will comply in the UK. The case in point is when the UK insisted non-EU banks capitalise in the UK. There was a lot of moaning, but they all did it.

Interesting the problem with the EU office is getting people to move there. So, it is necessary to find a jurisdiction that has sensible employment law, acceptable regulation and is somewhere people will move to.

Smaller UK managers who maybe only run a handful of strategies and have a saleforce of say, 3 people, all based in London

Had a couple of searches where they'd make a senior sales hire to cover Europe for them (previously untapped) but have been binned as they would have to set up and office and put someone of regulatory importance on the continent, and then have them set up the SICAV.

Where in EU? Who cares, lux, holland, whatever. That cost is far too high for such a small business.

surrey_commuter

my life has got easier as I don't have to add VAT to invoices going to the EU

TheBigBean

rick_chasey said:

TheBigBean said:

rick_chasey said:

TheBigBean said:

rick_chasey said:

Beginning to see the Brexit challenges percolate into my world.

UK boutique fund managers are scrapping plans (and hiring) to grow the client base beyond the UK, as to take continental money they need to have an office and a person of significance somewhere inside the EU, as well as an EU fund structure.

Fine for the bigger firms, but not so for the boutiques.

Ironically, the EU firms have no problems taking money from UK clients, so whatever was negotiated, the EU guys pulled a blinder there.

Is still up in the air but that is the current sitch.

The UK acted like a grown up and gave the EU equivalence to avoid mayhem. Therefore, EU funds can still take money from UK clients. For now.

No one will take the risk to open an office there in the meantime.

Where the EU? I think some firms have already done that, but it is a hassle, or you mean in the UK? It depends on the sector, but ultimately, they will comply in the UK. The case in point is when the UK insisted non-EU banks capitalise in the UK. There was a lot of moaning, but they all did it.

Interesting the problem with the EU office is getting people to move there. So, it is necessary to find a jurisdiction that has sensible employment law, acceptable regulation and is somewhere people will move to.

Smaller UK managers who maybe only run a handful of strategies and have a saleforce of say, 3 people, all based in London

Had a couple of searches where they'd make a senior sales hire to cover Europe for them (previously untapped) but have been binned as they would have to set up and office and put someone of regulatory importance on the continent, and then have them set up the SICAV.

Where in EU? Who cares, lux, holland, whatever. That cost is far too high for such a small business.

There are other options. For example, you can pay an EU regulated firm to do it for you. Costs a few % of revenue.

Obviously, in the meantime they are looking for the easiest option.

skyblueamateur

Stevo_666 said:

skyblueamateur said:

Glad things are going well Stevo. Is this for imports? Hopefully that will start feeding through to exports. We're still having a censored time of things and not much moving and very slowly. Had paperwork for a pallet to Ireland stuck with the brokers since Thursday. Hoping to get things released with a view to delivering the pallet early next week.

As with all things this will get quicker but I definitely took for granted sticking a delivery label on a box and it turning up in Ireland or Belgium 48 hours later.

Thanks SBA. The majority of our flows in relation to the UK are imports from NL (most kit is manufactured in the Far East, enters the Europe Middle East & Africa 'EMEA' region via NL and then gets distributed around the region from there). We also have some manufacturing here in the UK that goes in the opposite direction - to NL and from there gets shipped around EMEA.

We had some issues with brokers running out of capacity or making errors, but very little opportunity to switch as most other carriers were maxed out. That has now been rectified by the carrier in question. The other big problem was the log jam in the Dutch ports, partly down to issues with the Port Base system and partly down to we are told over zealous customs inspectors (confiscating ham sandwiches was symptomatic of the approach). There is still some delay there but maybe they have been told to be more pragmatic and stop acting like ****holes?

Good to hear. Thankfully things do seem to be getting better. It's still taking a week to get things delivered but now that is the case we can plan accordingly and adjust stock levels etc.

yorkshireraw

@Stevo_666 can I ask what Industry / sector you're in?

Because there is a shed-load of continuing issues in Food. Which is kind of relevant to everyone who eats i.e. everyone.

And yes, we don't need to eat shellfish, but a lot of our biggest consumption / manufactured products rely on imports / exports, for inputs (ingredients, packaging etc) or exporting finished goods.

Any cost increases (because of additional trade friction or increased transport costs) impacts the end consumer due to the relative (compared to cars, TVs etc) low price of food items and the fact food isn't discretionary spend. Sadly, many of those who voted for Brexit (lower income households in deprived areas) will be disproportionately impacted, as they spend relatively more of their disposable income on food.

It's also pretty important for jobs:

The food sector in GB employed 3.5 million people in Q1 2018 (3.9 million if agriculture and fishing are included along with self-employed farmers), a 1.0% increase on a year earlier. It covered 12% of GB employment in Q1 2018 (13% if agriculture and fishing are included along with self-employed farmers).

400K jobs are in manufacturing.

https://www.gov.uk/government/publications/food-statistics-pocketbook-2017/food-statistics-in-your-pocket-2017-food-chain#:~:text=The food sector3 in,with self-employed farmers).

david37

one of the things i like about this place is the aggressively politically offended religion that many seem to follow.

It doesnt matter what people do or say or what evidence is given, it wont be the right evidence.

Tories are milk snatchingly bad at all times. Even when the chancellor is liberally dishing out state aid to the tune of 100% of GDP debt.

That whatever good the government does has to be whatabouteried away. I wish people would at least acknowledge the good with the bad but i know they wont. theyre too religious about it.

well feck all the whiners, im going to make money with the cards that we have. and if that involves using the remainers and making them poorer by capitalising on their negativity then so be it.

rick_chasey

bompington

david37 said:

im going to make money with the cards that we have. and if that involves using the remainers and making them poorer by capitalising on their negativity then so be it.

Good idea, you go and do that.

kingstongraham

bompington said:

david37 said:

im going to make money with the cards that we have. and if that involves using the remainers and making them poorer by capitalising on their negativity then so be it.

Good idea, you go and do that.

The david37 wellness retreat.

kingstongraham

Here's a winning argument against Scottish independence from... erm...

https://twitter.com/michaelgove/status/1357434202229256192?s=19

surrey_commuter

david37 said:

one of the things i like about this place is the aggressively politically offended religion that many seem to follow.

It doesnt matter what people do or say or what evidence is given, it wont be the right evidence.

Tories are milk snatchingly bad at all times. Even when the chancellor is liberally dishing out state aid to the tune of 100% of GDP debt.

That whatever good the government does has to be whatabouteried away. I wish people would at least acknowledge the good with the bad but i know they wont. theyre too religious about it.

well censored all the whiners, im going to make money with the cards that we have. and if that involves using the remainers and making them poorer by capitalising on their negativity then so be it.

you should make an effort to understand stuff.

Ready to discuss whether FS is in the FTA?

Stevo_666

rick_chasey said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

So why is Gove in parliament talking about it?

We’ve spent 4 years on here making various predictions on what will happen when Brexit happens.

Now here we are. Now we have the proof of the pudding.

You were saying I'm burying my head in the sand, but I'm not. I am aware there are economic consequences; the point I am making is to get this into perspective as mentioned above.

Fyi as an update on my Groups Brexit experience from the post above, we got an email through today saying the following (names removed for obvious reasons):

"Just to confirm, as is was already discussed during the internal Brexit meeting and the meeting with [X]

We will not send the daily Ops Dashboard anymore. As all transport lanes are running ok it has been moved to “business as usual”.
Of course our teams will keep following up on the daily operations and will communicate in case of delays or other hick-ups to the relevant people.

During the meetings we’ll continue to work on the issue’s and action list to keep stack of pending topics and improvement to be made."

As above, this is moving into BAU. (If you want to comment on the wording, bear in mind the writer's first language is Dutch).

Stevo_666

kingstongraham said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

So you're getting the t-shirt printed anyway?

Stevo_666

pangolin said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

Stevo I don't believe you answered a previous question about whether those green KPIs are the same as the KPIs were pre Brexit?

e.g. if you had a KPI for getting through a port and green in 2020 was 6 hours, is green still 6 hours or have the goalposts shifted?

I did answer it - go back and have a look.

pangolin

Stevo_666 said:

pangolin said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

Stevo I don't believe you answered a previous question about whether those green KPIs are the same as the KPIs were pre Brexit?

e.g. if you had a KPI for getting through a port and green in 2020 was 6 hours, is green still 6 hours or have the goalposts shifted?

I did answer it - go back and have a look.

You didn't, you talked a bit about how they were internal KPIs. You didn't say whether they had actually changed.

pangolin

Stevo_666 said:

pangolin said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

Stevo I don't believe you answered a previous question about whether those green KPIs are the same as the KPIs were pre Brexit?

e.g. if you had a KPI for getting through a port and green in 2020 was 6 hours, is green still 6 hours or have the goalposts shifted?

I did answer it - go back and have a look.

You didn't, you talked a bit about how they were internal KPIs. You didn't say whether they had actually changed.

Stevo_666

pangolin said:

Stevo_666 said:

pangolin said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

Stevo I don't believe you answered a previous question about whether those green KPIs are the same as the KPIs were pre Brexit?

e.g. if you had a KPI for getting through a port and green in 2020 was 6 hours, is green still 6 hours or have the goalposts shifted?

I did answer it - go back and have a look.

You didn't, you talked a bit about how they were internal KPIs. You didn't say whether they had actually changed.

The KPIs have not changed.

Let me know what part of that isn't clear...

Pross

bompington said:

david37 said:

im going to make money with the cards that we have. and if that involves using the remainers and making them poorer by capitalising on their negativity then so be it.

Good idea, you go and do that.

It's not that good, better to focus on fleecing the gullible instead. Might need to do some market research to see how they voted

kingstongraham

That mussel grower should just accept that he doesn't have a problem.

kingstongraham

And Michael Gove should accept that there isn't an issue with the agreement regarding Northern Ireland. It's all fine.

elbowloh

Stevo_666 said:

kingstongraham said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

So you're getting the t-shirt printed anyway?

I think we need the pack of cards done.

Stevo_666

elbowloh said:

Stevo_666 said:

kingstongraham said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

So you're getting the t-shirt printed anyway?

I think we need the pack of cards done.

What, with a whiney version of Top Trumps on them?

elbowloh

Stevo_666 said:

elbowloh said:

Stevo_666 said:

kingstongraham said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

So you're getting the t-shirt printed anyway?

I think we need the pack of cards done.

What, with a whiney version of Top Trumps on them?

The whole gang, whatever suit.

kingstongraham

I feel sorry for all those who want to move to live in Sweden but can't because of brexit.

pangolin

Stevo_666 said:

pangolin said:

Stevo_666 said:

pangolin said:

Stevo_666 said:

Its not a question of burying heads in sand, as I said you'll just have to wait and watch. Or maybe throw yourself into that rejoin campaign, it will be good for you to focus on positive things. Fyi my group has now had a week on the trot with our key brexit indicators on 'green', so it is looking more like things are settling down in reality.

The important point for some of you lot is to stop crying over spilt milk. This whole thread is now looking like an increasingly frustrated rearguard action by a bunch of people who are desperate to get their 'I told you so' t-shirts printed.

Stevo I don't believe you answered a previous question about whether those green KPIs are the same as the KPIs were pre Brexit?

e.g. if you had a KPI for getting through a port and green in 2020 was 6 hours, is green still 6 hours or have the goalposts shifted?

I did answer it - go back and have a look.

You didn't, you talked a bit about how they were internal KPIs. You didn't say whether they had actually changed.

The KPIs have not changed.

Let me know what part of that isn't clear...

Cool, I don't think you actually said that before, apologies if you did.

ddraver

kingstongraham said:

I feel sorry for all those who want to move to live in Sweden but can't because of brexit.

I'm halfway through binge-watching Vikings

Me too!

Those sheildmaidens🥰🥰